CL Redux

The House proposal ( No Vote on Tuesday NIGHT )

1/ According to multiple sources, the House plan would have called for funding the government through December 15 to end the partial shutdown that entered its third week on Monday. It also would increase the federal debt ceiling until February 7.

2/ In addition, the House GOP version would have included a provision demanded by tea party conservatives that would prohibit federal subsidies for the President, officials in his administration, members of Congress and their respective staff in buying health insurance under Obama's signature health care reforms.

3/ Republicans dropped demands to include two other provisions related to Obamacare. One would have delayed a tax on medical devices proponents say is needed to help pay for the Affordable Care Act and the other would have tightened income verification of those seeking subsidies to purchase health insurance.

4/ The House proposal also would have forbidden the Treasury from taking what it calls extraordinary measures to prevent the government from defaulting as cash runs low, in effect requiring hard deadlines to extend the federal debt ceiling.

Earlier, sources said Boehner was "struggling" to come up with enough votes to pass the GOP counterproposal to the Senate plan. After a two-hour caucus meeting that lasted far longer than scheduled, Boehner told reporters there was no final decision on what the GOP-led House would do.

In a possible signal that he would proceed on a plan opposed by the GOP tea party conservative wing, Boehner said "the idea of default is wrong and we shouldn't get anywhere close to it."
 
http://www.huffingtonpost.com/2013/10/15/house-debt-deal-fails_n_4103021.html

King was especially distraught by the showdown, representing a suburban district outside of New York City.

"This party is going nuts," King said. "So many people I run into who are normal people -- and I hate to use that term -- they just can't understand what's going on.

"On this one, they can't even see both sides," King said. "They just think Republicans are crazy. That's it. They see no justification for any of this."

The whole standoff looks pointless, considering what would have been voted upon.

<b>"Even if this bill passed tonight, what would it have done?" King told HuffPost. <b> "After shutting down the government for two and a half weeks, laying off 800,000 people, all the damage we caused, <b>all we would end up doing was taking away health insurance from congressional employees. That's it? That's what you go to war for? That's what we shut down the United States government for?" </b>
 
IV is dropping like a rock right along with the price. Which seems to me is a way of the world of traders saying hey this price is starting to make sense. All this along with the dollar and oil tanking the same day further leads me to believe wti is finding its happy place. A range between 96 and 106 for the next 6 months or longer would make my life very easy and i think most companies in the industries on both sides would be satisfied with that.
 
EIA vs. API OIL Inventory DATA

http://www.marketwatch.com/story/ho...out-eia-supply-data-2013-10-18?dist=afterbell

1/ Both sources publish accurate estimates every week, according to an API fact sheet, which shows that based on 2012 data for crude, gasoline and distillate stocks, monthly estimates are within 1% of each other 78% of the time.


2/ But a difference that oil traders and analysts fret about most is that survey responders are required to submit data to the EIA, but data are voluntarily reported to the API.

3/ Major oil companies voluntarily supply data to the API whereas the EIA requires and spells out mandatory figures to be submitted, making it more accurate, said to Bob van der Valk, senior editor of the Bakken Oil Business Journal. And the API’s report isn’t as widely available as the EIA’s.

The API distributes its report with <b>a paid subscription </b>but the EIA offers its report to the public.

4/ Traders use the EIA inventory report “as the ‘Tale of the Tape’ with any changes being taken into account by commodity traders in making their decisions,” said van der Valk.

5/ The EIA also affords oil companies a look at what its competitors are doing.

“Oil companies use the report to keep an eye on each other and the EIA-DOE report reveals important data about their competitors they would otherwise not be able to attain legally,” van der Valk said. The government report is “therefore the guide presenting the facts, putting rumors to rest on which some of the trades are made.”

6/ When the EIA reports are finally released, <b>there might be a brief bump in oil prices, </b>said Michael Lynch, president of Strategic Energy & Economic Research. “It seems unlikely that there will be a huge difference between what inventories and sales are thought to be and what they finally turn out to be,” he said. “<b>The biggest uncertainty is imports, which can fluctuate substantially.” </b>
 
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